Question: Direction: Answer what is the total depreciation for 2023? ABC Company was incorporated on January 1. 2019. In preparing the financial statements for the year

Direction: Answer what is the total depreciation for 2023?

ABC Company was incorporated on January 1. 2019. In preparing the financial statements for the year ended December 31, 2022, the entity used the following original cost and useful life for the property, plant, and equipment. Original Cost Useful Life Building 15,000,000 15 years Machinery 10.500.000 10 years Furniture 3,500,000 7 years On January 1, 2023, the entity determined that the remaining useful life of 10 years for building, 7 years for the machinery and 5 years for furniture. The entity used the STRAIGHT LINE METHOD of depreciation with no residual value. What is the total depreciation for 2023

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